MRL2601 Assignment 1 (COMPLETE ANSWERS) Semester 2 2025 - DUE August 2025

Please read this information very carefully before you start with this assignment. ��� Assignment 01 is a written assignment, consisting of problem-type questions. It counts out of a total of 20 marks. • You should answer all questions under this assignment. Your answer to this assignment should not exceed two and a half pages if it is typed. • It is preferred that your assignment is typed. However, handwritten submissions will also be accepted. • If your answers are typed, ensure that the text of all assignments is in Arial font and size 12pt. If you use footnotes for your references, you should ensure that the footnotes are in Arial font and size 10pt. If your referencing is in-text, use the same font and size in the main text of your answer (i.e., Arial font and size 12pt). The text must be justified, in 1.15 spacing and with 12pt after each paragraph. • The questions in Assignment 01 are set on the law relating to Trusts and Partnerships. You write off this component of the work in this assignment. You will NOT be asked about Trusts and Partnerships in Assignment 2 and in the exam. • Please ensure that you submit the correct assignment to be marked. Markers are required to mark what has been submitted and no submissions/resubmissions are permitted after the assignment due date has passed. • Refer to Paragraph 9 of your Tutorial Letter 101 for the general information about assessment. • Also refer to Paragraph 10 of your Tutorial Letter 101 for important information regarding academic dishonesty (plagiarism and cheating). • You should study and refer to the prescribed study material when answering your assignments. You should not use Artificial Intelligence Software (e.g., ChatGPT) to give you answers to the assignment questions as this will prevent you from achieving the learning objectives as well as attaining all the skills and values needed in legal practice. Artificial Intelligence Software can give you inaccurate answers that are not aligned to the prescribed study material. The University can easily identify the answers obtained from Artificial Intelligence Software and the markers will award a zero mark for such answers. Furthermore, students who engage in academic dishonesty may be referred to a disciplinary hearing. Downloaded by Corona Virus () lOMoARcPSD| Please include a statement containing the following honesty declaration along with your name and student number in your assignments: • I understand what academic dishonesty entails and am aware of Unisa’s policies in this regard. • I declare that this assignment is my own, original work. Where I have used someone’s work, I have indicated by using the prescribed style of referencing. Every contribution to or quotation in this assignment from the work or works of other people has been referenced according to this style. • I have not allowed and will not allow anyone to copy my work with the intention of passing it off as his or her own. • I did not make use of another student’s work and submit as my own. Themba, Ndumi and Freddy want to start a partnership with the aim of selling Solar batteries. Sello intends to contribute R25 000.00 on condition that should the partnership fail, Ndumi and Freddy will reimburse him. Ndumi intends to contribute his expertise as an electrician. Freddy intends to contribute the use of his Hilux pickup truck. They come to you for advice on whether a partnership agreement will be valid based on what each of them wants to contribute. Advise them fully. (In your advice, define a partnership, deal with each contribution and conclude.) Ramiz is a trustee of a business involved in the retail of computer equipment. Although the trust deed makes no provision for it, Ramiz buys a delivery vehicle to transport the computer equipment. Given the requirement that a trustee must preserve trust assets, indicate whether Ramiz has acted lawfully. Explain to Ramiz what his other duties as trustee are by listing five of the other duties of a trustee. QUESTION 1 1.1 Beauty, Phineas and Samson are three friends who wish to start their own publishing company. While driving one Sunday afternoon, Samson comes across the perfect office building. He wishes to purchase this building on behalf of the proposed company. Advise Samson on the requirements that would need to be adhered to in terms of the Companies Act 71 of 2008 in order to conclude a valid and binding contract on the company’s behalf before its incorporation. (5) 1.2 Nonhlanhla and Petrus want to start a catering business together called Bayview (Pty) Ltd. Briefly explain the procedure that they must follow in order to incorporate the company. (5) 1.3 Everite Ltd showed an increase in profits for the 2023 financial year. At a board meeting, the directors decide that dividends should be paid out to the company’s shareholders. Indicate what the requirements are in terms of the Companies Act 71 of 2008 that must be adhered to before the dividends may be declared and paid. (5) 1.4 Woodin Ltd intends to convene its annual general meeting on 12 June 2024. List any five ( 5 ) matters t h a t must be discussed at this meeting in terms of the Companies Act 71 of 2008. (5) 1.5 Amos is a registered auditor. Until November 2022 he was a director of Antix Intellectual Services (Pty) Ltd. During October 2022 Amos became seriously ill and resigned due to health reasons. He has now recuperated fully. Indicate which persons are disqualified from being an auditor of a company and explain whether Amos can be appointed with immediate